Share award to VEON Board members

Rhea-AI Summary

VEON Ltd. (NASDAQ: VEON) announced a share award to its Group Chairman, Gennady Gazin, receiving 1,224,086 shares, and Hans-Holger Albrecht, Chairman of the Digital and Innovation Committee, awarded 1,360,095 shares. This annual pro-rata award will vest on June 10, 2022, with a holding period until July 16, 2023. The decision, made by the Nomination and Corporate Governance Committee, acknowledges their significant contributions during a transformative year for VEON's executive leadership.

Positive

• Awarding 1,224,086 shares to Gennady Gazin and 1,360,095 shares to Hans-Holger Albrecht indicates a strong commitment to leadership continuity.
• The share awards reflect recognition of significant contributions during a period of transformation in the executive team.

Negative

• Share awards could raise concerns among investors regarding excessive compensation amidst company changes.

AMSTERDAM, Feb. 28, 2022 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today announces the details regarding a share award to Group directors.

Group Chairman Gennady Gazin has been awarded 1,224,086 VEON shares and Group Digital and Innovation Committee Chairman Hans-Holger Albrecht has been awarded 1,360,095 VEON shares, following the finalisation of VEON's incentive plan rules. The share award is an annual pro-rata time based award that will vest on 10 June 2022 and the shares are subject to a holding period through to 16 July 2023.

During the past year, as the Group underwent significant change, particularly in the executive leadership team, both Gennady Gazin and Hans Holger Albrecht have undertaken, and continue to undertake significant extended services in their capacities as a member of the VEON board and after due consideration the Nomination and Corporate Governance Committee (NCGC) and Board have made this share award to these board members.

Gunnar Holt, Chairman NCGC, said: "The VEON Board recognises and appreciates the significant additional contribution from both Gennady and Hans-Holger."

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.

Contact Information

VEON
Investor Relations
Nik Kershaw
ir@veon.com
+31 20 79 77 200 

View original content:https://www.prnewswire.com/news-releases/share-award-to-veon-board-members-301491277.html

SOURCE VEON Ltd

FAQ

What is the share award announced by VEON on February 28, 2022?

VEON announced share awards of 1,224,086 shares to Group Chairman Gennady Gazin and 1,360,095 shares to Hans-Holger Albrecht, which will vest on June 10, 2022.

What is the significance of the share awards for VEON's executives?

The share awards recognize the significant contributions of Gennady Gazin and Hans-Holger Albrecht during a transformative year in the company's leadership.

What are the vesting and holding periods for the VEON share awards?

The awarded shares will vest on June 10, 2022, with a holding period lasting until July 16, 2023.

Who made the decision to award shares to VEON's executives?

The share awards were decided by the Nomination and Corporate Governance Committee and approved by the VEON Board.